| Show Way Is Cleared to Rebuild Loan Firm I W. W L. L B. B Incorporation Articles Articles Ar Ar- tides Amended to Allow Reorganization organization Special commission members representing representing representing rep rep- resenting all interests ests in the Western Western West West- ern cnn Loan and Building company compan Wednesday completed am amendments to the incorporation articles th that t will enable them to reorganize the 25 company compan The plan is subject to approval of the present board of directors the building and loan supervising departments departments depart depart- ments of eight western states and the stockholders Members of f the special commission appointed by John A. A Malia Malla Utah state bank commissioner and centralized central central- Iz d conservator tor of of- the company to complete the plan are H. H L. L ana Stuart P. P Dobbs attorneys for the conservator W. W W. W Ray attorney for fore he e present directors Mark H. H Greene and P Paul ul H. H Ray members of the thc temporary stockholders' stockholders protective co committee and R. R W. W Bailey chief ex examiner of the Montana banking banking- dep department representing the buildIng building build build- Ing Tind ind loan supervisors of other states Present directors o of the c company met Wednesday afternoon to study the plan APPROVAL AL SOUGHT Copies of the plan were presented Commissioner Malia Malta and air mailed to the building and loan commissioners of California Montana Oregon Washington Washington Washington Wash Wash- ington Id Idaho ho and Nevada with re requests requests requests re- re quests for quick action and suggestions suggestions for a meeting in Salt Lake to formally act on the reorganization Stockholder approval of df f th the reorganization will be sought at the meeting meet meet- ing at which two thirds of the stock represented must vote for the plan Final approval of the plan after rati rail ratification ratification by the building and loan commissioners commissioners com com- missioners o of the various states is subject to written assent by at least 75 per cent of the stockholders Commissioner Malia Malls announced he soon will wi-li call a meeting m of the state commissioners to submit the plan to stockholders before belore the first of the year In general the plan calls for re reorganization reorganization reorganization re- re organization of the company as a mutual mutual mutual mu mu- building and loan association It I provides for issuance of A cates and First Recovery certificates to o represent the value of shares held by jy stockholders August 17 17 when the company was taken over by the con- con of the various state departments de de- de- de TO WRITE OFF LOSS The amended Incorporation articles articles articles arti arti- cles provide f for Or r a new board of directors tars tors ors of 11 members Representation on this board shall consist of investment invest Invest- ment meat stockholders two from Utah California and Montana and andone one one each from Oregon Washington Washing n Idaho Ida Ida Idaho ho Nevada and ana Wyoming The basis of the exchange of present pros pres ent investment holdings for the new newA newA newA A and First Recovery certificates will be determined by the new board of directors in Its action In writing I Continued on 1 Pace U Two I. I 4 I WAY CLEAR Cl AR TO TO REBUILD FIRM 1 1 Continued from P Pate ic One j down the present assets of ot the company com corn j pany to a Do conservative basis on which the exchange can be based down will be subject to appraisement r of assets and determination of the actual value of t Investment share shara holdings hold hold- ings which work Is now being pushed 1 by the various state departments subject to future de determination termination committee committe members expressed ex cx- x pressed the view that the exchange will wil be based on a 40 per percent cent write write- down don of the present assets which would provide for of a a. 10 per cent reserve and the exchange of A Astock stock representing 60 per cent of the value of present present holdings holdings an anin anflIn In First Recovery certificates or sr I certificates 40 representing 1 per cent of the value of present hold presen hold ings J Under thi th proposed plan of g the A stock s for participation In inthe the sound assets of the reorganized company while the j f First Recovery certificates provide J Jf participation participation-in- in in- inthe the liquidating trust of the down written own or frozen assets f of the company Salmon have been found stranded strand di in the beds of many streams which were wele dried up during the drouth In Ia r j Wales I i. i |
